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Presentation Title ( Arial, Font size 28 ) The Tata Power Company Limited Analyst Call, Q3 FY19 Date, Venue, etc ..( Arial, Font size 18 ) 28 th January 2019 Message Box ( Arial, Font size 18 Bold) Disclaimer This document does not constitute
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This document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation
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Particulars Q3FY19 Q3FY18 Q3FY19 Q3FY18 Q3FY19 Q3FY18 Tata Power-Conso (line item 13 SEBI Results) 7,571 6,506 1,480 1,425 205 628 Standalone & Key Subsidiaries Tata Power (Standalone)^^ 1,803 1,846 610 788 290 204 CGPL (Mundra UMPP) 1,938 1,630 (99) 60 (467) (227) MPL (Maithon Power)* 759 379 196 65 67 (32) TPDDL (Delhi Discom)** 1,742 1,835 316 278 120 95 TPTCL (Power Trading) 1,239 903 19 8 10 1 Tata Power Solar (Solar Mfg) 1,032 743 36 56 4 21 TPREL (Renewable Power) 147 87 134 89 (13) (11) WREL (Renewable Power) 282 271 273 263 62 70 Coal SPVs^^^ (Investment Companies) 26 417 (64) 332 TERPL (Shipping Co) 257 139 67 78 38 53 EEPL (Shipping Co) 129 81 8 (0) 7 (1) TPIPL (Overseas Investment Co) 18 19 57 46 49 14 Others 121 93 16 18 3 5 TOTAL - A 9,468 8,026 1,659 2,165 106 523 Joint Venture and Associates*** 253 457 TOTAL - B 9,468 8,026 1,659 2,165 359 980 Eliminations# (1,897) (1,520) (179) (740) (120) (667) Exceptional Items
Discontinued operations (34) 16 TOTAL - C 7,571 6,506 1,480 1,425 205 628
*TPCL stake-74%; **TPCL stake-51% stake; *** TPCL share, ^ including other income, ^^ PAT before exceptional item & discontinued operations,^^^ Consolidated at EBITDA & PAT level only #Eliminations include inter-company transactions
PAT EBITDA^
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Particulars Q3FY19 Q3 FY18 YTD FY19 YTD FY18 Qtr Var Remarks Operating Income 7,571 6,506 21,919 19,256 1,065 Operating Expenses 6,105 5,172 17,254 14,720 (933) Operating Profit 1,466 1,334 4,665 4,536 132
Mainly due to higher EBITDA in regulated business and addition of renewable capacity.
Other Income 15 91 209 369 (76)
Lower service fees
EBITDA 1,480 1,425 4,874 4,905 56 Interest cost 1,014 855 3,061 2,854 (159)
Due to MTM gains in PY on forex loan, increased ST loans in CY & increased cost in renewables for new commissioned capacity.
Depreciation 603 584 1,790 1,714 (19) PBT before share of JV (136) (15) 23 337 (122) Share of profit of Assoc and JV 253 457 1,054 1,272 (204)
Due to lower profits in coal companies.
PBT after share of JV 116 443 1,077 1,609 (326) Tax Expenses (122) 129 127 269 (252) Exceptional item (gain)/loss
(1,483) 135 (299) Net Profit for the Period from continuing op* 239 612 2,434 1,205 (374) PBT after exceptional item 116 144 2,560 1,474 (27) Profit from discontinued operation (34) 16 (101) 41 (50) Net Profit for the Period ** 205 628 2,333 1,247 424
*Line No.11 of advertisement, ** line no 13 of the advertisement
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provisions in PY
Defence business being shown as discontinued
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Particulars Q3 FY19 Q3 FY18 YTD FY19 YTD FY18 Qtr Var Remarks Generation (MUs) 7,163 6,570 19,070 18,898 593 Sales (MU) 6,615 6,061 17,572 17,405 554 Availability (%) 85% 79% 75% 75% 5% PLF (%) 78% 72% 70% 69% 6% FOB price of coal (USD/T) 62.2 61.3 62.9 60.1 0.8 Revenue (₹ /Unit) 3.0 2.7 2.9 2.6 0.3 FOB Fuel under recovery (₹ /Unit) (0.95) (0.78) (0.92) (0.80) (0.2) Financials Operating Income 1,938 1,630 5,094 4,556 308
Higher Sales
Operating Expenses 2,039 1,595 5,214 4,433 (444)
Increased Coal Price & weaker Rupee
Operating Profit (101) 35 (121) 123 (136)
Increased Fuel under recovery due to higher generation
Other Income 2 25 4 27 (23)
Lower dividend from EEPL
EBITDA (99) 60 (117) 150 (159) Interest & Finance Cost* 225 165 800 630 (60)
fees on refinancing of loans
Forex Loss / (Gain) - Others 24 6 105 51 (18)
MTM on fx hedge
Depreciation 119 116 341 340 (3) PBT (467) (227) (1,363) (871) (240) PAT (467) (227) (1,363) (871) (240)
* Includes fx gain/loss pertaining to debt servicing
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* Revenue impacted by Domestic Market Obligation (DMO) regulation
Generation at Mundra Coal mining, Coal Infra & Shipping Companies
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Note: Figures are for MPL Standalone. Tata Power’s stake is 74%
Higher availability. One time impact of Tariff Order for Rs.97
Higher cost
fuel due to increased PLF
Higher interest rate and increased ST borrowing
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Note: Figures are for TPDDL Standalone, Tata Power’s stake is 51%
Due to lower Sales
Higher consultancy income
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Higher sales driven by EPC projects
Higher turnover and hedge cost
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Due to addl 280 MW of capacity operational compared to PY offset by lower wind PLF.
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Note : The Company has been acquired on 14th Sep, 2016.
Restoration of plant in Gaya
Due to conversion of short term to long term loan
Lower MAT Credit
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Key indicators TPREL^ Walwhan Wind Assets* Cennergi & Others$ Conso Renewable s (without EPC) EPC# Conso Renewables (with EPC)
^ TPREL standalone *Tata Power standalone # Tata Power Solar $ Cennergi being a JV, only share of EBITDA and PAT is included
Note: 1. Conso EBITDA & PAT excludes inter company dividend
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